ThredUp amends credit agreement, reduces Term B commitment from $38M to $22.5M

ThredUp Inc.

Term B Loan commitment reduced from $38M to $22.5M; no amounts outstanding.
Negative covenant amended to permit stock repurchases under specified conditions.
Financial covenants modified, including cash availability and fixed charge coverage ratio.
Interest on cash deposits adjusted to Fed Funds Rate +/- small spreads.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ThredUp Inc. amended First Amendment to the Second Amended and Restated Loan and Security Agreement with Western Alliance Bank, as agent valued at reduce the aggregate commitment under "Term B Loan" facility from $38,000,000 to $22,500,000 (effective 2023-12-14).

Action: amendment
Agreement: credit facility
Counterparty: Western Alliance Bank, as agent
Value: reduce the aggregate commitment under "Term B Loan" facility from $38,000,000 to $22,500,000
Effective: 2023-12-14

Exact text from the filing

On December 14, 2023, ThredUp Inc. (the “Company”) together with certain of its subsidiaries as co-borrowers (collectively with the Company, the “Borrowers”) entered into the First Amendment to the Second Amended and Restated Loan and Security Agreement (the “Amendment”) with the lenders party thereto (the “Lenders”) and Western Alliance Bank, as agent (the “Agent”).

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Source: SEC EDGAR

accession 0001484778-23-000241

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